By Nchetachi Chukwuajah
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and payment of insured deposits to customers of the defunct Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the revocation of their operating licences by the Central Bank of Nigeria (CBN).
The NDIC, in a public notice on Tuesday, December 16, disclosed that the CBN withdrew the banks’ licences on December 11, 2025, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
It added that liquidation has commenced in line with Sections 55(1) and (2) of the NDIC Act, 2023, with verification and payment of insured deposits already underway.
The NDIC stated that depositors of the closed banks would be paid their insured deposits of up to a maximum of N2 million per depositor, using the Bank Verification Number (BVN) as a unique identifier to trace their alternate bank accounts, into which payments would be automatically credited.
“Depositors will be paid their insured deposits up to the maximum amount of N2,000,000 per depositor,” the NDIC stated.
It explained that depositors with balances exceeding N2 million would first receive the insured portion, while the outstanding balances would be settled as liquidation dividends after the realisation of the banks’ assets and recovery of debts owed to the institutions.
The NDIC noted that to facilitate the payment of uninsured deposits, it would commence the sale of the defunct banks’ assets and intensify the recovery of outstanding loans in order to fast-track the settlement of claims.
On claims submission, the NDIC advised depositors to verify and process their claims either online or physically. For online claims, depositors were urged to visit the NDIC claims portal and complete the digital claims verification form.
Depositors opting for physical verification were directed to visit the nearest branches of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials would be on ground to attend to them.
The corporation added that for verification and payment, depositors are required to present proof of account ownership, a valid means of identification and details of their alternate bank accounts, including BVN.
The NDIC also advised depositors to activate transaction alerts on their alternate bank accounts to enable them receive notifications of payments, noting that account balances could also be checked through banks’ USSD codes or at bank branches.
Creditors of the defunct banks were also advised to submit their claims within the same period, as the NDIC stressed that payment of liquidation dividends to creditors would commence only after all depositors had been fully paid, in line with the law.
